Good morning! It's Paul here.

Today's report will be a quick early post, which I'm doing now. Then more detail added later, this afternoon. The reason for this is because I'm heading into central London in a moment, to attend the G4M analyst meeting. So I'll report back to you about that later. Please note that G4M is my 2nd largest personal long position - so clearly I am biased in favour of the company, or I wouldn't have bought so many shares in it!



Waterman (LON:WTM) - congratulations to holders here, as a recommended 140p cash offer has just been announced. It's a share I've covered extensively before, so nice to see a decent outcome for shareholders. It's interesting to see that the bidder is Japanese. I seem to recall that another Japanese company bid for some other UK building consultancy company, but can't remember the name. If any readers can recall that, maybe you could drop a comment in below this article?



Gear4Music (LON:G4M)

Share price: 620p (up 3.7% at 11:15 - likely to be volatile today)
No. shares: 20.2m
Market cap: £125.2m

(at the time of writing, I have a long position in this share)

Preliminary unaudited results - for year ended 28 Feb 2017.

I've been covering this company for about 14 months now. Reading the archive to refresh my memory, it's interesting how my view on it has greatly changed. Initially I saw it as just a low margin box-shifter. However, several game-changing announcements last autumn - of stellar growth being achieved, and European expansion, made me much more bullish.

Meeting management last year also helped. Meeting management isn't complicated for me, as I'm only really looking for one thing - entrepreneurs. It doesn't matter to me if the presentation is a bit wobbly in places, as giving presentations is a completely different skill set from creating a successful business. Management seemed more relaxed & confident today than when I saw them last year. I suppose that having floated in Jun 2015, they're familiar with the whole process now. Plus, reporting on good progress must be quite enjoyable.

First some numbers & my comments;

Revenues up 58% to £56.1m - this is stellar growth, and is all organic. I don't think it pays to over-analyse the precise figures, because there are several overlapping factors at work - e.g.…

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